The good news is we are all living longer, healthier lives. The bad news is we need to save enough money to support ourselves in the retirement style we would like. Although retirement may seem a long way off for some people, Bank of Scotland Investment Service (BoSIS), is urging its customers to plan for their retirement and to consider that for some, believe it or not, this may be as young as 35 or even younger.

For the majority of the UK population retirement is now set at 65 years of age for men and 60 for women, with this rising to 65 for women born after April 1955. Even for those with personal pensions the minimum age for retirement is 50. However, for those in the sporting arena, retirement can arrive at a much earlier age.

During the past few months we have seen several England World Cup Winners such as Martin Johnson, Jason Leonard and Neil Back all announcing their retirement from international rugby, but have you ever thought how the inland revenue views their 'official' retirement age?

Rugby players can officially retire on their 35th birthday and at that stage they can then draw on their pension - including a tax-free lump sum of 25% should they choose. Other sportsmen such as boxers, squash players and athletes can also retire at 35 (though cricketers and racing car drivers have to wait until the grand old age of 40).

If, for example, we estimate that a footballer were to have an estimated income of £1 million per annum and an investment period of 20 years between the ages of 18 to 38, he would need to invest an estimated £35,112 a month into a personal pension plan in order to achieve an annual income of £600,000 should he want to start claiming his pension at the age of 38. This would enable him to carry on playing football whilst still claiming his pension. However, in delaying paying into a pension by just five years, his monthly contributions would rise to £52,281 to secure the same income at the same retirement age.

Likewise, a racing driver with an income of £300,000 a year, investing over a twenty year period and looking to retire at the age of 40 would need to invest on average £10,500 a month in order to maintain an income of £180,000 per annum after the age of 40.

However, for us mere mortals, planning ahead for our retirement is of equal importance. The sooner we start saving, the better. Unlike some sportsmen and women we may not have the luxury of earning £1 million per year but the earlier we plan, the more financially secure we will be in our golden years.

For example, a person earning £45,000 per annum and putting £300 a month into a personal pension between the ages of 30 and 65 would have an estimated retirement income of £10,177. They would also have access to a 25% tax-free sum of £39,142 with a reduced pension of £7,633. But, had they started their pension at age 25, just five years earlier, their annual income would be £12,257 or take a healthy tax-free lump sum of £47,141 with a pension of £9,193.

Retiring young may sound attractive, however, Ray Milne, General Manager, Long Term Savings, BoSIS warns, "As tempting as it sounds to have a career with a young retirement age, for many it can be a double edged sword as you have less time to fund your retirement.”

“It is important to plan ahead as the cost of any delay would be considerable. Old age probably seems a lifetime away, but preparing a financial cushion now will mean a soft landing later.”

Under current law sports professionals are allowed to draw their pensions at an earlier date due to a naturally shorter career life. This is to be abolished under government proposals to simplify the tax regime whereby everyone would be prevented from drawing their pensions until they are 55. These changes in the law are due to be made in April 2004 and will take effect from 2010.

Early retirement ages currently approved by the Inland Revenue:

Aircraft pilot 55, Athletes 35, Badminton players 35, Boxers 35, Brass instrument players 55, Circus animal trainers 50, Cricketers 40, Croupiers 50, Cyclists 35, Dancers 35, Deep sea and inshore fishermen 55, Divers 40, Fire-fighters 55, Footballers 35, Golfers 40, Jockeys (flat racers 45, national hunt 35), Martial arts professionals 50, Models 35, Money brokers (dealers 50, managers 55), Motorcycle racers 40, Motor Racing drivers 40, Newscasters 50, Nurses including physiotherapists, midwives and health visitors who are female 55, Offshore riggers 50, Royal Marine non-commissioned reservists 45, Rugby League players 35, Rugby league referees 50, Singers 55, Skiers downhill 35, Speedway riders 40, Squash players 35, Table Tennis players 35, Tennis players 35, Trapeze Artists 40, Wrestlers 35.